The fast pace of digital transformation for financial services is vital for the empowerment of small businesses and their customers. However, in this transformation process, traditional payment methodologies are being bypassed by new technology and products.

 

Understandably, merchants are finding it increasingly difficult to keep abreast of all the latest payment products and solutions that are available. “It is complex and costly for merchants to manage their own integrations into multiple solution providers. Merchants should be focusing on their core businesses and leave payment complexities to specialist companies,” says Andrew Springate, CEO of tech and financial gateway service provider PAYM8.

 

Founded in 2001, PAYM8 quickly expanded its footprint across the African continent and now processes over R3 billion in annual transaction value for its clients, and is one of the few payment solution providers in Africa capable of providing a single offering to merchants spanning both payer and payee-initiated payments.

 

Merchants want all payments to flow through a centralised merchant account. “As an aggregator, we do the integration into a myriad of products, services, solutions and value-added service providers. This includes taking care of data security and analytical requirements,” says Springate.

 

“PAYM8 offers via a single integration, access to all payment product requirements for collections, digital commerce, mobile payments, and card transactions, all off a single  platform. The alternative is for the merchant to manage their own integrations, but this is nothing short of a nightmare given the multitude of channels and solutions to choose from,” he adds.

 

The advantage of one platform

The PAYM8 platform allows for a single view of payment transactions no matter the product channel used, making long-term decision making easier. Through machine learning data structures merchants will be able to track consumer payment behaviour, resulting in improved transaction and payment management. With a primary focus on financial collections and online payments, PAYM8 can offer merchant and third-party access to its intelligent technology platform called AXIS.

 

AXIS is aimed at both existing merchants as well as third-party businesses wanting to use an intelligent payments platform offering greater control over the payments journey and provides unencumbered access to payment products and services.

 

With artificial intelligence (AI) and machine-to-machine learning (M2M) data structures in place, the platform “ticks all the boxes” from an outsourced payments aggregation perspective. “The way customers pay shouldn’t affect your revenue. There are cost-effective structures and solutions available no matter what channels you use,” notes Springate.

 

The company is PCI DSS (Payment Card Industry Data Security Standard) accredited. PCI DSS is a set of requirements ensuring that all companies involved in the processing, storing, or transmitting credit card information maintain a secure environment.  Cybercrime is rapidly increasing as the world continues on its digital transformation journey. The risk of reputational damage due to data breaches and the exposure of personal information is greater than ever before. “Therefore, we understand the importance of keeping the account and sensitive information of all our merchants secure,”  says Springate.

 

As the digital world evolves, so do the needs and circumstances of businesses. Some of the merchants who will benefit from using a payment platform include:

  • Merchants both new and existing who want to increase their collection successes.
  • New companies requiring a specialist payments partner to guide them with their collection strategies.
  • Merchants requiring implementation guidance with both DebiCheck and other cost-effective solutions.
  • Merchants requiring cross-border payments and collections.
  • Merchants who are not big enough for a bank and need an aggregator.
  • Credit wary merchants who are not willing to take risks.
  • Merchants battling with debit order authentication; or
  • An existing merchant currently using more than one payments partner and wants to reduce the number of payments partners.

 

Peace of mind

Merchants want freedom and peace of mind about their payment and collection processes to focus on their core business.  This includes knowing that their data security and analytical requirements are met. “Our understanding of the rapidly changing payments landscape has allowed us to remain a step ahead in transaction interoperability, machine learning and business-driven processes, allowing us to offer our clients best-of-breed payment solutions,” says Springate.

 

Leave a Comment

Your email address will not be published.

You may also like

Business Economy

Chowdeck Secures $2.5 Million in Seed Funding, Spearheading Growth in Nigeria’s Food Delivery Sector

post-image

 

 

Tobi Fasipe, Rider Operations Lead at Chowdeck, announced today a significant milestone in the company’s journey, as it secured $2.5 million in seed funding. This investment marks a pivotal moment for Chowdeck, highlighting its rapid expansion and commitment to revolutionizing the food delivery landscape in Nigeria.

Fasipe expressed his excitement about the recent achievements, citing the remarkable growth of Chowdeck’s on-demand delivery service. From processing just 1,000 deliveries daily upon his arrival, the company now boasts a dedicated team of over 3,000 riders handling an impressive 14,000 deliveries per day across 8 major Nigerian cities.

The meteoric rise in delivery volumes underscores Chowdeck’s relentless pursuit of excellence and dedication to providing exceptional service to its customers. This commitment is further evidenced by the company’s Gross Merchandise Value (GMV), which skyrocketed from ₦1 billion in October 2023 to an impressive ₦2.4 billion by March 2024, marking a remarkable 140% increase in just…

Read More
Business Economy Society

UBA Group GMAP Graduation Ceremony: Insights for Success Unveiled

post-image

 

In a resounding declaration of ambition and determination, the 2024 cohort of UBA Group’s Graduate Management Trainee Program (GMAP) stepped onto the stage last week, marking the beginning of their journey within the prestigious financial institution. Led by a seasoned executive, the induction ceremony not only welcomed the newcomers but also imparted invaluable insights for navigating the intricate pathways of career growth and personal development.

Reflecting on his own humble beginnings, the executive shared anecdotes from his early days as a trainee, highlighting the blend of ambition, thirst for knowledge, and the daunting challenges that lay ahead. Eager to engage with the fresh talent, he opened the floor to questions, unveiling the aspirations and concerns of a generation poised to leave their mark on the world.

Among the plethora of wisdom shared, several key takeaways emerged from the insightful dialogue:

1. Conquering Challenges with Resilience:** Armed with anecdotes from his own journey,…

Read More
Business Economy

Self-sustainability solutions and smart technology will help South Africa overcome its water crisis

post-image

 

 

Technology company, Versofy, best known for its solar solutions and services, says that preparing for South Africa’s water crisis should become a significant priority. The company, which is fast becoming a necessity-driven entrepreneurial brand, believes that further use of smart technology will also remain critical when addressing the pressing issues of water scarcity in South Africa.

 

Ross Mains-Sheard, Co-Founder and CEO of Versofy, says that South Africa’s water crisis is fast approaching scarcity status: “We believe that by promoting self-sufficiency and sustainability through our own smart technology solutions, we will help to address the increasing concerns regarding an imminent water shortage.”

 

The Development Bank of Southern Africa (DBSA) estimates that 2.2 billion people across the globe don’t have access to clean drinking water. This is of concern when considering that water is a basic need for health and hygiene.   According to DBSA, South Africa’s physical water scarcity will become…

Read More
Business Culture Economy Entertainment Investments

Nigerians Rally Against DSTV’s High Subscription Rates, Embrace SLTV as Affordable Alternative – Anthony Emeka Nwosu

post-image

 

Amid mounting dissatisfaction with DSTV’s steep subscription fees, Nigerians are turning to SLTV in droves, marking a significant shift in the country’s television landscape.

The online outcry against DSTV gained traction when Mike Igozino voiced his frustration, announcing his switch to SLTV and condemning DSTV’s exploitation of hard-earned income. His sentiments resonated widely, sparking a wave of support for SLTV as a more economical option for premium entertainment.

“I can watch all Premier League, Champions League, Italian and Spanish leagues with just #5K monthly?! And DSTV collects 23,800 from me monthly… Nigerians, shine your eyes, DSTV came to steal from us,” declared Igozino, encapsulating the sentiment of many disillusioned consumers.

Jennifer Chioma Owolabi echoed the sentiment, expressing her eagerness to explore SLTV as a viable alternative to DSTV. She sought insights into SLTV’s offerings beyond sports channels, highlighting the growing interest in diversifying entertainment options.

Read More
Business Economy Society Software

Azentio Software wins three honours at IBS intelligence (IBSi) Digital Banking Awards 2024

post-image

Azentio Software (“Azentio”) (www.Azentio.com), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won three awards with its respective clients, at the IBSi Digital Banking Awards 2024 ceremony, held as a part of the prestigious Cedar-IBSi Digital Banking & AI Summit, on April 19 in Bengaluru, India. The company was declared Segment Winners I SME/Corporate Banking, Regional Winners I Middle East & Africa, and Segment Winners I Compliance Management.

 

Organised by IBS intelligence (IBSi), one of the world’s leading financial technology research, advisory, and news analysis firm firms, the annual award program honours technology players, Banking as a Service (BaaS) providers, digital banks, neo banks, and challenger banks for their excellence in driving impact through technology implementations and innovations using emerging technologies.

The Azentio Accolades

  • Digital Badge of Segment Winners I SME/Corporate Banking
  • Digital Badge of Regional Winners I…
Read More
Announcements Business Economy

Ethnos Hosts FinTech Association of Nigeria for Collaborative Discussions on Cybersecurity

post-image

 

Ethnos, a leading cybersecurity firm based in Lagos, recently welcomed the esteemed members of the FinTech Association of Nigeria to their premises for a collaborative meeting aimed at enhancing cybersecurity measures within the financial technology sector.

The event provided an invaluable platform for industry stakeholders to engage in insightful discussions on the evolving landscape of cybersecurity in Nigeria’s burgeoning fintech industry. Led by Peter Ejiofor, the CEO of Ethnos, the gathering underscored the importance of fostering strong partnerships to fortify cybersecurity frameworks and mitigate emerging threats.

Expressing gratitude to the FinTech Association of Nigeria for their visit, Peter Ejiofor remarked, “Thank you to the FinTech Association of Nigeria for stopping by at our office. It was a pleasure hosting such esteemed professionals, and we are committed to fostering positive progress and achievements in our collaborative efforts moving forward.”

The meeting exemplified Ethnos’ dedication to promoting cybersecurity excellence and its commitment to supporting…

Read More
Business Economy Technology Technology Trends Telecoms

Africa Data Centres debuts ADC Channel programme

post-image

The primary goal of ADC Channel is to foster collaboration among partners within the ISP, Carrier, Telecommunications, Systems Integration, ICT and Data Centre providers; Channel Partners will have additional product offerings to add to their current portfolio and in turn generate new revenue streams; The programme offers partners easy access to data centre experts and will provide ongoing commercial and technical support.

Africa Data Centres, a division of the Cassava Technologies group, is excited to announce the launch of its exclusive channel partner programme, ADC Channel. This programme is designed to establish colocation and ecosystem partnerships, empowering members to expand their product portfolio & offerings alongside their market presence including an expanded data centre footprint.

ADC Channel presents a unique opportunity for global carriers, Internet Service Providers (ISPs), system integrators, Data Centres, Mobile Network, Content Developer, telecommunications companies, network infrastructure operators, hyperscalers and others to deliver state-of-the-art, sustainable and cost-effective digital solutions to…

Read More
Business

Chinenye Anuforo Honored with MTN Nigeria Foundation Chairman’s Award for Outstanding Reportage

post-image

 

Chinenye Anuforo, a distinguished journalist with The Sun Newspapers, has been recognized with the prestigious MTN Nigeria Foundation Chairman’s Award for Innovative Reportage. The award ceremony took place during the School of Media and Communication’s (SMC) graduation ceremony for the MTN Media Innovation Program (MIP-2).

Presented by Mrs. Odunayo Sanya, the Executive Director and Board Member of MTN Foundation, along with a cash prize, the award acknowledges Chinenye’s exceptional report on the MTN Foundation Y’ellopreneur initiative. This initiative focuses on empowering women entrepreneurs by providing essential tools such as training, funding, and mentorship.No alt text provided for this image

Chinenye’s report highlighted the significant impact of the Y’ellopreneur initiative on women’s entrepreneurial aspirations in Nigeria. Her insightful exploration of the program’s contributions earned her this esteemed recognition.

Expressing her gratitude, Chinenye Anuforo stated, “I am pleased to receive the MTN Foundation Chairman’s…

Read More